Tax claim on Interest

I intend to sell my only property (which is rented out), after this sale can I buy another property and rent it out without living in it for certain period and claim on the interest againt that home loan considering that I own just one property...

I intend to sell my only property (which is rented out), after this sale can I buy another property and rent it out without living in it for certain period and claim on the interest againt that home loan considering that I own just one property...

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If your property is rented out and you declare the income earned, you can claim all valid expenses - which includes interest on the loan used to purchase that property.

The loan must have been for purchasing the property that is rented out though.

Could you also clarify one more doubt, I works in construction industry and want to do MBA degree, I have PR, could I be able to claim all/part of the fee that I will spend on my MBA (I am paying about 30% of tax on my income which is >33000) though MBA is not really my field,just to boost my CV and learn good skills.

Your current employment and the course you undertake must have sufficient connection for your self-education expenses to qualify as a work-related tax deduction. If a course of study is too general in terms of your current income-earning activities, the necessary connection between the self-education expense and your income-earning activity does not exist.

A tax deduction for your self-education expenses related to your work as an employee is available if you work and study at the same time and can satisfy any of these conditions:

You are upgrading your qualifications for your current employment.

You are improving specific skills or knowledge used in your current employment.

You are employed as a trainee and you are undertaking a course that forms part of that traineeship.

You can show that at the time you were working and studying, your course led, or was likely to lead, to an increase in employment income.